Pete's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Pete's Tennis Shop uses a periodic inventory system. Date Units Unit Cost $159 Total Cost $ 1,272 8 Transactions Beginning inventory Sale ($220 each) Purchase Sale $235 each) Purchase Sale $245 each) Purchase 149 August 1 August 4 August 11 August 13 August 20 August 26 August 29 5 10 8 10 1,490 139 1,390 11 12 129 1,548 5,700 $ For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 sale consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventory and 10 rackets from the August 20 purchase. 5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimal places.) Specific Weighted- Identification FIFO LIFO average cost $ 5,280 $ 5,280 $ 5,280 $ 5,280.00 Sales revenue Cost of goods sold Gross profit Pete's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Pete's Tennis Shop uses a periodic inventory system. Date Units Unit Cost $159 Total Cost $ 1,272 8 8 5 Transactions Beginning inventory Sale ($220 each) Purchase Sale ($235 each) Purchase Sale ($245 each) Purchase 149 August 1 August 4 August 11 August 13 August 20 August 26 August 29 1,490 5 10 8 10 11 12 139 1,390 129 1,548 5,700 $ For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 sale consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventory and 10 rackets from the August 20 purchase. 7. If Pete's chooses to report inventory using LIFO, record the LIFO adjustment. (If no entry is required for a transaction/event, select 'No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the LIFO adjustment. Note: Enter debits before credits. General Journal Debit Credit Date August 31